The Snapchat application on a smartphone set up in Hastings-on-Hudson, New York, USA on Wednesday February 1, 2023.
Tiffany Hagler Gear | Bloomberg | Getty Images
Check out the companies making the biggest moves in premarket trading:
Swiss credit – US-listed shares of Credit Suisse rose nearly 6% after the Swiss bank announced it would borrow up to 50 billion Swiss francs ($54 billion) from the Swiss National Bank. The stock tumbled 13.9% on Wednesday after its top investors said they could not provide more funds.
snap, Meta – Snap gained 6%, while Meta rose 1.5% after The Wall Street Journal reported that the Biden administration said competitor TikTok could be banned if it isn’t sold by its Chinese owner ByteDance. A separate report from Bloomberg says TikTok is considering parting ways with ByteDance if a deal with the US falls through.
Regional Banks — Regional banks continued their slide amid the fallout from the failure of Silicon Valley Bank. Bank of the First Republic fell almost 28%, and Zion Ban Corporation 3.6% lost. Comerica 1.6% lost.
Dollar General — The discounter fell 1.6% after its quarterly same-store sales missed Wall Street estimates. Same-store sales rose 5.7% in the fourth quarter, versus the 6% expected by analysts polled by Refinitiv.
Adobe – Shares of the software giant rose 5.4% after the company raised its earnings guidance for fiscal 2023 and said its quarterly results beat Wall Street estimates. It raised full-year revenue and new recurring net revenue guidance for its digital media business.
Western Petroleum – Shares rose nearly 1% after Warren Buffett’s Berkshire Hathaway bought another 7.9 million shares for a total of $466.7 million.
UiPath — The automation software company rose nearly 16% after it reported fourth-quarter adjusted earnings per share of 15 cents, beating StreetAccount’s estimate of 6 cents per share. Sales totaled $308.5 million, well above the expected $278.6 million.
baidu – U.S.-listed shares of Baidu fell nearly 6% after the Chinese tech company unveiled its ChatGPT alternative, Ernie Bot.
PagerDuty — Shares gained nearly 6% after the digital operations management platform’s earnings and revenue beat estimates for the fourth quarter. Adjusted earnings per share came in at 8 cents per share versus an expected 2 cents per Refinitiv. Revenue was $101 million, beating the expected $98.8 million.
five below — The discounter slipped more than 3% after issuing a muted outlook for the first quarter. However, Five Below’s earnings beat analyst estimates per Refinitiv, and earnings were in line with expectations.
Motorola — The telecom equipment maker gained 1.8% after JPMorgan upgraded it from neutral to overweight. The Wall Street firm said the stock has fallen to attractive levels.
– CNBC’s Tanaya Macheel contributed to the coverage.